Manhattan builders face clash with legislators over visa scheme
Developers are taking advantage of a record amount of money that's flowing through the EB-5 programme, but lawmakers are pressing for changes when it comes up for renewal by Congress in September
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New York
AS Related Cos' US$20 billion real estate complex rises on the far west side of Manhattan, legislators in Washington are debating the fate of a programme that has been critical to building it.
The caissons underpinning the 11-hectare Hudson Yards project, and steel beams rising for towers from Seattle to Los Angeles, are resting on the same foundation: a bedrock of cash from Chinese individuals. Developers are taking advantage of a record amount of money that's flowing through the EB-5 programme, which grants green cards to foreigners that invest a minimum of US$500,000 in projects that create jobs.
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